April 20, 2024

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[THE INVESTOR] JB Financial Group announced on Sept. 6 a large-scale reorganization including separating executives of the holding company and its subsidiary Kwangju Bank.

The KOSPI-listed company which has four affiliates said Chairman and CEO Kim Han will shed his dual responsibility as Kwangju Bank CEO.

Since the acquisition of Kwangju Bank in 2014, Kim served as the CEO in order to facilitate post-merger integration and execute a growth-oriented expansion. 

By separating executives, the holding company will focus on generating synergies among the affiliates which will reinforce their competitive edge and focus on generating additional revenue streams, an official at the company said.

Kwangju Bank Vice President Song Jong-Wook has been named as the next CEO.

After the restructuring, the group will push forward digitalization and overseas expansion to prepare for a paradigm shift in the financial industry, the official said.

The financial group has 50 trillion won (US$4.40 billion) in assets as of June 2017, compared with 15 trillion won in July 2013 when the holding company was established.

By Park Ga-young (gypark@heraldcorp.com)